As institutional investors with approximately $13 billion in assets, we are writing with concern
about the ongoing controversy over the company’s accountability for the tragic chemical disaster
that occurred at Union Carbide’s Bhopal facility eighteen years ago.

As arguably the world’s worst industrial accident, Bhopal remains both a potent symbol around
the globe, and an ongoing medical disaster for the numerous residents of Bhopal. We were glad
to learn of your willingness to meet with representatives of Bhopal survivor groups during The
Dow Chemical Company’s annual general meeting in May.

We believe the continuing protests and media coverage around this issue pose a risk to Dow’s
reputation and a undermine Dow’s stated commitments to sustainability. We are also concerned
about a potential judgment the company may face in a pending lawsuit in the U.S. over
groundwater contamination from improper waste disposal at Union Carbide’s Bhopal facility as
well as ongoing litigation in Bhopal, India for compensation, environmental remediation, and
medical rehabilitation. We urge you to continue dialogue with representatives of Bhopal citizens
groups, to take their claims seriously, and to work towards a mutually acceptable solution.

We also view with concern Dow’s continued sale of products containing the insecticide
chlorpyrifos (known as Dursban in the U.S.) in India and other countries. As you are aware, last
year in the U.S. this chemical was pulled from consumer products designed for home use due to
concerns about its toxicity, especially to children. The tragic disaster in Bhopal occurred in large
part because a U.S.-based chemical company engaged in practices overseas that it would not
have engaged in here in the U.S. We are concerned that continuing global sales of chemicals
restricted in the U.S. for safety reasons represents a less dramatic, but equally troubling case of
double standards that pose a threat to the people of India and elsewhere. We urge Dow to adopt
global policies to prevent the company from being faced with charges of hypocrisy, and potential
future legal liabilities abroad and in U.S. courts.

We welcome your response about how Dow is addressing these sensitive issues, and appreciate
your time and attention to these matters.